joins us live from london. great to have you with us. i want to focus in on spanish borrowing costs. at euro-era highs and some say this can persist for a couple of months before spain sun able to fund itself. is there a backstop that investors can take heart in? i mean, what sort of mechanisms can kick in in order to help spain? >> yeah. well, i think you're absolutely right. we do need to start thinking very carefully about what official measures there are to help spain given that euro is so high as they are right now. there are three kinds of measure. you can actually use the efsf along with the esm which is likely to get approval from september could be used to go out and buy debt in the primary market, direct from spain. that would certainly be a big help. that could be agreed within weeks, really, and quite the near term. secondly, there is the european central bank. potentially it could go out as it has done in the past and indeed as the fed and bank of england have done and actually buy bonds outright. there the ecb has some relu